I can't speak directly to using Vim in the default OSX Terminal, but:
Which Vim are you using? I would recommend against using system / Apple-shipped Vim, as you will be unable to update this effectively. As Andrew notes, a good alternate source for Vim is to use homebrew to install an up-to-date version of Vim.
The built-in Terminal has some differences from, say, *nix-based terminal interfaces; specifically, color support is simply different. You may experience---using system Vim or a custom installation of Vim---that colors do not work "properly" (as you'd expect) when using the system Terminal. There are workarounds for this; my personal experience was that using iTerm2 is the easiest and best workaround.
The Terminal shipped with OSX is not updated as regularly as open-source terminals, hence one advantage to using iTerm2: it is currently-maintained and developed software. Colors with Vim tend to be easier than with Terminal. The only differences are cosmetic, for the most part, between iTerm2 and Terminal (and urxvt and gnome-terminal and any other terminal app). Of more relevance is the shell you are using (likely Bash), and I suspect your problem will be resolved regardless of the terminal in use. It's usually safe to assume that instructions online work within Bash.
I see no reason the Lin Chen link you posted would work differently depending on the terminal you are using. Have you tried that yet?
Also, my experience is that color support (and all-around OSX interoperability) is much better using MacVim. The bug you posted is from a no-longer-maintained MacVim repo, and is specific to use of the MacVim GUI. It is possible to use MacVim from the commandline---
mvim -m. That way, you are using an actively-updated version of Vim.